Disclosure about most externality-related product attributes is not mandatory, and consumers have to rely on the information strategically disclosed by manufacturers. I study consumer perceptions in the voluntary disclosure model of Grossman (1981) and show that dirty manufacturers can mislead...

We examine the timing and quality of product introduction in an R&D stopping game, where we allow for horizontal and vertical differentiation in the product market. We observe that discontinuous changes in introduction dates can occur as firms' abilities as researchers change. Further, when the...

In this paper we provide a generalization of the standard models of the diffusion of a new product. Consumers are heterogeneous and risk averse, and the firm is uncertain about the demand curve: both learn from past observations. The attitude towards risk has important effects with regard to the...

Provides original sociological research on the development of consumer credit scoring in the United States and its links to subprime mortgage finance.

In this paper we provide a generalization of the standard models of the diffusion of a new product. Consumers are heterogeneous and risk averse, and the firm is uncertain about the demand curve: both learn from past observations. The attitude towards risk has important effects with regard to the...

Congress’s most recent effort to enable overseas and military voters to cast valid, timely ballots imposed a large number of complex tasks on State and local election administration. By federal mandates, preemptive provisions, and severely constrained implementation timetables, the MOVE Act...

We examine risk taking when the bank's preferences exhibit smooth ambiguity aversion. Ambiguity is modeled by a second-order probability distribution that captures the bank's uncertainty about which of the subjective beliefs govern the financial asset return risk. Ambiguity preferences are...